Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Ethereum Classic Ecosystem Gets $10M From Antpool As Merge Date Nears

Published 27/07/2022, 10:34
Ethereum Classic Ecosystem Gets $10M From Antpool As Merge Date Nears
ETH/EUR
-
ETC/EUR
-
ETC/USD
-
ETH/USD
-
ETH/USD
-
ETH/EUR
-
ETC/EUR
-
ETH/JPY
-
ETH/GBP
-
ETH/JPY
-
ETC/USD
-
ETC/GBP
-
ETC/JPY
-
ETC
-

AntPool, the third largest Bitcoin (CRYPTO: BTC) mining pool, has invested $10 million in the Ethereum Classic (CRYPTO: ETC) ecosystem.

What Happened: According to a report from CoinDesk, AntPool CEO Lv Lei confirmed the investment at the Bitmain World Digital Mining Summit on Tuesday.

Lei also said that AntPool plans to continue investing more in the ETC ecosystem in the foreseeable future.

The AntPool CEO’s statements come after Ethereum (CRYPTO: ETH) developers floated a tentative date for the Merge – an event that marks ETH’s transition to a Proof-of-Stake network.

See Also: PROOF OF STAKE VS PROOF OF WORK

When Ethereum makes the switch, Proof-of-Work mining for Ethereum will effectively be redundant and the network’s miners will be forced to migrate to other PoW chains.

Earlier this week, Ethereum creator Vitalik Buterin suggested that those who preferred PoW chains should use Ethereum Classic, dubbing it “a totally fine chain.”

“It’s a very welcoming community and I think they’ll definitely welcome Proof-of-Work fans,” said Buterin.

Price Action: According to data from Benzinga Pro, at press time, ETC was trading at $26.8, gaining 13% over the last 24 hours. The coin was up 13.33% against BTC and 11.96% against ETH.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.